Running your own business? Get paid faster with these helpful tips

You’ve secured a contract and after several days of hard work and exceeding all your clients’ expectations, you’ve fulfilled your side of the contract. Now all you need to do is get paid, which should be easy, right?

Wrong!

If you run a small business or have your own side hustle, you’ll understand how frustrating the payment process can be. Issues with invoices, late payments, even complete radio silence from your client, can throw your entire business plan off track. As a business owner, you don’t have the time to chase all these missing payments, you want to focus on other areas of your business. So, with this in mind, I’ve gathered some simple, helpful tips that will help you get paid faster – every time! Read on to find out more.

Invest in invoicing software

If you’re still creating invoicing by hand, combing through files and folders trying to find client information and trying to work out the right calculation every time, then you’re going to love invoicing software. FreshBooks.com offers a simplified solution to your billing and invoicing responsibilities, helping you create professional-looking invoices within seconds, complete with customizable options.

When your invoices are slick, accurate and professional looking you’re 2x more likely to be paid faster. Not only that, but this innovative invoicing software means you can schedule automated invoices for your clients as well as friendly payment reminders. Essentially, doing all the hard work for you. Using invoicing software means you’ll streamline your entire billing process and get yourself paid faster, every time.

Keep your payment terms clear

From the offset, your payment terms should be made clear to all your clients. That way there is no room for inaccuracies or misunderstandings when it comes to the payment date. Your invoice should never contain anything that wasn’t already pre-agreed when the contract was made.

Be wary of language

Using jargon might make you sound more professional and important, but it can also blur the lines of clarity. Something you should try to avoid if you want to be paid on time. Avoid complicated phrases such as “payment due upon receipt” stick to plain statements that can’t be misinterpreted, such as “payment due in 30 days” or mention the agreed-upon date.

Make payments easier

If your client has to set up a bank transfer or make a call to make a payment, then it can slow down your payment processes. Keeping things simple and accessible for your clients will streamline the process and help you get paid faster. Mobile payment options, credit and debit card options are much better suited to today’s business dealings. No more cheques or waiting in line at the bank!

And finally, don’t be afraid to follow up on those late payments

If the deadline has passed, don’t wait another week until you touch base with your client. The day after a late payment, a polite email prompt – sometimes disguised as a feedback opportunity – can give clients the reminder they need to make a payment. Don’t leave it too long! 

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